CGE-UCL is a Computable General Equilibrium (CGE) model that is currently in development at the UCL Energy Institute and the Institute for Sustainable Resources, with the intention of incorporating natural resource and environmental issues into an economic model in a meaningful manner.
The modelling technique is based upon the concept of Walrasian equilibrium in microeconomic theory and uses national accounts data and a system of non-linear equations to solve for a baseline equilibrium against which policy shocks can be implemented. The model will have flexible representations of labour supply, agent foresight, and be extended to include an environmental component as well as soft linking of the energy sector with technology-rich bottom-up models such as those based on the TIMES generator (UK TIMES, ETM-UCL and TIAM-UCL). Global, EU and UK variations will be developed in the near future.
|Type:||Computable General Equilibrium (CGE)|
|Purpose:||Accounting for natural resource and environmental issues in economic models|
|Spatial scale:||Flexible (UK, Europe and global versions are being produced)|
|Main contact:||Matthew Winning|
|Other contacts:||Neil Strachan|